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Open Banking
In-a-Box
Open Banking
Open banking is the practice of sharing customer data between banks, third parties and aggregators in order to promote a more transparent, competitive, and consumer-friendly financial landscape.
Successful implementation of Open Banking involves motivated and prepared market players and effective regulations and regulatory oversight.
Regulation
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Effective regulatory oversight ensures that consumer rights are protected, in that they retain control over and can securely share their financial data. Key issues include:
Access
To balances, transactions, payments and products
Portability
To switch between banks and provide access to third parties
Consent
For access to data and revocation of same – with notification to data holders
Transparency
On collection and use of data: what data is being used and why
Data Protection
In terms of access to and use of data and against data breaches
Preparation
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Open Banking also requires motivated and prepared market players (banks, third parties and aggregators) with well-formed business and technology strategies.
Some of the key components from a technology perspective are:
APIs: to provide a standardised way for different software systems to communicate
Data Formats: to ensure interoperability across the entire ecosystem
Security Protocols: to protect consumer data from unauthorised access
Customer Authentication: to ensure that only authorised individuals can access and share their financial data
Error Reporting: Open banking standards provide mechanisms for error handling and reporting issues that might arise during data exchange.
A Framework for New Services
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Open banking offers a framework within which any number of financial services can be enabled for individuals and companies. Examples of the possibilities include:
Payment Initiation
Retailers can initiate payments directly from a customer's bank account
Account Aggregation
Offering a more comprehensive view of a client's financial status
Automated Budgeting
Easier and more effective tracking of income and expenditure
Invoice Reconciliation
Automate the process of matching invoices to transactions
Personalised Marketing
Targeted promotions directly related to spending habits
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Ostia provides a solution to help banks to quickly and cost-effectively enter the open banking marketplace and meet their regulatory compliance requirements.
We call it Open Banking-in-a-Box.
Open Banking-in-a-Box provides:
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Compliance
Certified Compliance in 4-weeks
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Integration
A straightforward integration project rather than a development project
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Performance Measurement
Compliance and performance measurement
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Savings
Huge time, cost and effort savings
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Platform for Innovation
A platform for ongoing compliance and innovation
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Compliance
Ostia provides banks with a secure and fully compliant implementation of the “API Ecosystem” required to fulfill their obligations under Open Banking Regulations; covering access, portability, consent, security, reporting and all required technical components.
We deliver Sandbox, Test and Production Environments – all configured identically – to ensure an optimum experience for onboarding third-party technology companies.
Integration
Full integration with a bank's systems takes between 2 and 4 weeks to implement.
Ostia employs state of the art data ETL (extract, transform, load) integration capabilities to ensure seamless and secure connectivity with the Open Banking-In-a-Box API Ecosystem and the banks core IT systems.
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Performance Measurement
The performance of the APIs is consistently measured to ensure two things:
1. The APIs are available and responding
2. The APIs are responding according to agreed SLAs.
The APIs are also continually monitored for compliance with the Open Banking standards so that data quality and consistency from the platform is guaranteed.
Platform for Compliance & Innovation
Open Banking-in-a-Box meets your ongoing compliance and innovation requirements.
Ostia implements the required updates for new
regulations and standards, ensuring future compliance as new rules emerge.
The platform is available for you to collaborate with your partners and provide innovative new solutions for your customer base.
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Cost
Ostia delivers Open Banking-in-a-Box at a fraction of the cost it would take to develop an in-house solution.
We are the most cost-effective solution available in the marketplace to:
- Meet your regulatory requirements in weeks (rather than months or years)
- Ensure ongoing compliance and performance
- Enable continuous innovation